Kinetic Concepts is selling its Therapeutic Support Systems business to Getinge AB for $275 million, as the company looks to focus on its core wound care business.
The asset sale, which is expected to close during the fourth quarter of 2012, will include the San Antonio, TX.-based company’s portfolio of therapeutic beds, mattresses and mobility devices for the therapeutic wound care, bariatric and critical care settings. Getinge AB is a Swedish maker of infection control and contamination prevention products.
"The combination of Getinge’s and KCI’s TSS business creates a global platform with strong positions in most key markets, with significant potential for portfolio and operational synergies," Getinge said in a statement to Reuters news service.
Getinge, which was spun out Electrolux in 1989, currently does less than a third of its $3.3 billion in annual sales inside the U.S.
The deal is another move in KCI’s makeover following its $6.3 billion buyout in 2011 by Apax Partners and a pair of Canadian pension funds. The company has cut more than 425 jobs in 2012, about 7% of its total workforce of 6,000.
